Surgent's Nuts & Bolts of Cryptocurrency Taxation & 1099-DAs

Overview

With over 40 percent of Americans owning digital assets and a single bitcoin now valued at over $100K, cryptocurrency is no longer a niche subject, yet few tax professionals understand how to help individuals and businesses who are dealing with digital assets. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients dealing in digital assets. We will also cover current developments surrounding this topic, such as Form 1099-DAs, the updated version of the digital assets question on Form 1040, and a series of chief counsel memorandums related to digital assets and tax planning opportunities.

Highlights

• Cryptocurrencies and their use cases
• Safely interacting with cryptocurrency and NFTs (buying, selling, and storing)
• Tax implications of investing in cryptocurrency, running a mining operation, using NFTs, and using cryptocurrency as a payment method
• Challenges in dealing with cryptocurrency-related clients
• How to handle 1099-DAs
• Implications of the IRS's latest guidance on digital assets
• Applying tax planning opportunities
• Serving clients with cryptocurrency transactions using a tool like CoinTracker.com

Prerequisites

None

Designed For

Accounting and finance professionals who want to get a high-level understanding of how cryptocurrency work and how to serve clients with cryptocurrency transactions

Objectives

• Learn what cryptocurrencies are and their use cases
• Understand how to safely interact with cryptocurrency and NFTs (buying, selling, and storing)
• Understand the tax implications of investing in cryptocurrency, running a mining operation, using NFTs, and using cryptocurrency as a payment method
• Recognize challenges in dealing with cryptocurrency-related clients
• Know how to handle 1099-DAs
• Understand the implications of the IRS's latest guidance on digital assets
• Apply tax planning opportunities
• Serve clients with cryptocurrency transactions using a tool like CoinTracker.com

Preparation

None